For General Insurance
The Beyontec Suite is pre-configured with standard classes of business (more than 100 products are pre-defined). The Suite features configurable workflows for your personal and commercial product lines. It also provides straight-through processing (STP) for transactions, confirming underwriting criteria and letting you issue policies in real time with no manual intervention. The system caters unique business needs of various insurance intermediaries through specific portals for:
For Medical Insurance
The Suite accommodates multiple product lines such as Hospital Cash plans and Group Medical through multiple communication and distribution channels, including telephone, the Internet, and insurance brokers. The Suite captures ICD 9/10 codes with options for capturing treatment guidelines and integrating them into insurance contracts. It meets local statutory requirements in the UAE and Saudi Arabia. And it supports in-house claims management, as well as claims management through third party administrators.
For Life Insurance
The Suite empowers insurance companies to tackle technology challenges more effectively. It streamlines and simplifies insurance operations from policy administration to financial accounting with its workflow driven architecture, enabling enterprises to meet their changing needs. And the Suite supports the following life insurance products:
The Suite is Shariah-compliant and supports Mudharabah and Wakalah models of Islamic insurance, including family, general, group, and annuity. The Suite integrates Underwriting, Claims, Re-Takaful, Channel Management, Channel Commissions, Financial Accounting, and surplus distribution across all lines of business. The Suite consolidates surplus or investment returns from various business types into a single participant account. It streamlines interactions with participants (individual accounts, cash value information, distribution of underwriting surplus, etc.). And it segregates risk and investment contributions.
The Beyontec Suite features more than 75 preconfigured products across General, Life & Medical insurance, automating insurance brokering operations with Quoting, Underwriting, Billing, Claims, Financial Accounting, a customer portal, and application management. The Suite’s single-screen feature enables Brokers to improve their customer-response times by allowing them to gather and record the entire history of a client or a prospect. Account executives can view all the relevant information on a single screen.